Posted by CISadmin
MOTOR insurance’s losses shrank to $44.5 million last year
…from 2008′s record loss of $214 million. This is due to better underwriting discipline and an initiative to improve claims reporting, according to General Insurance Association (GIA) yesterday.
Although the motor insurance’s losses has shrank, the sector is still in the red and personal injuries claims on the rise. Therefore the motor insurance premiums are unlikely to fall, said GIA president Derek Teo.
The Motor Claims Framework, launched in 2008 to guide motorists in reporting claims promptly, has helped to cut the number of disputes over claims, to the benefit of both insurers and motorists. However, motor insurance continues to be the biggest loss-making account for the general insurance industry…
